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EARNINGS PER SHARE | 9 Months Ended
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Sep. 30, 2023
EARNINGS PER SHARE |
EARNINGS PER SHARE | ​ NOTE 3 – EARNINGS PER SHARE The two-class method is used in the calculation of basic and diluted earnings per share. Under the two-class method, earnings available to common shareholders for the period are allocated between common shareholders and participating securities according to dividends declared (or accumulated) and participation rights in undistributed earnings. There were no anti-dilutive stock options for the nine months ended September 30, 2023 or 2022. The following table presents the factors used in the earnings per share computations for the period indicated: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three Months Ended September 30, | ​ | Nine Months Ended September 30,
(in thousands, except per share data) |  | 2023 |  | 2022 |  | 2023 |  | 2022
Basic | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Net income available to common shareholders | ​ | $ | 14,804 | ​ | $ | 10,533 | ​ | $ | 39,616 | ​ | $ | 32,370
Less: Earnings allocated to participating securities | ​ | ​ | (83) | ​ | ​ | (76) | ​ | ​ | (228) | ​ | ​ | (247)
Net income allocated to common shareholders | ​ | $ | 14,721 | ​ | $ | 10,457 | ​ | $ | 39,388 | ​ | $ | 32,123
​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​
Weighted average common shares outstanding including participating securities | ​ | ​ | 10,388,909 | ​ | ​ | 8,265,186 | ​ | ​ | 10,186,107 | ​ | ​ | 7,796,259
Less: Participating securities (1) | ​ | ​ | (58,130) | ​ | ​ | (59,272) | ​ | ​ | (58,399) | ​ | ​ | (59,170)
Average shares | ​ | ​ | 10,330,779 | ​ | ​ | 8,205,914 | ​ | ​ | 10,127,708 | ​ | ​ | 7,737,089
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Basic earnings per common shares | ​ | $ | 1.43 | ​ | $ | 1.26 | ​ | $ | 3.89 | ​ | $ | 4.15
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Diluted | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Net income available to common shareholders | ​ | $ | 14,804 | ​ | $ | 10,533 | ​ | $ | 39,616 | ​ | $ | 32,370
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Weighted average common shares outstanding for basic earnings per common share | ​ | ​ | 10,330,779 | ​ | ​ | 8,205,914 | ​ | ​ | 10,127,708 | ​ | ​ | 7,737,089
Add: Dilutive effects of stock based compensation awards | ​ | ​ | 22,842 | ​ | ​ | 22,283 | ​ | ​ | 23,282 | ​ | ​ | 20,637
Average shares and dilutive potential common shares | ​ | ​ | 10,353,621 | ​ | ​ | 8,228,197 | ​ | ​ | 10,150,990 | ​ | ​ | 7,757,726
Diluted earnings per common share | ​ | $ | 1.43 | ​ | $ | 1.26 | ​ | $ | 3.89 | ​ | $ | 4.15
(1) | Participating securities are restricted stock awards whereby the stock certificates have been issued, are included in outstanding shares, receive dividends and can be voted, but have not vested.

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